Free Banking Exam SBI General Question and Answers

Question 1

Which of the following is not acceptable as address verification for a person opening a bank account?

Accepted Answer

Letter from any recognized public authority

Answer

For opening a bank account, banks require valid proof of address to comply with Know Your Customer (KYC) norms. While a domicile certificate and a registered rent agreement are generally accepted, a generic 'letter from any recognized public authority' is usually not sufficient on its own as it lacks the specific verification details required by banks. Banks typically require standardized documents like utility bills, passport, or Aadhaar card for address verification.

Question 2

How many digits are there in the IFSC code?

Accepted Answer

11

Answer

The Indian Financial System Code (IFSC) is an 11-character alphanumeric code used to identify individual bank branches participating in the NEFT and RTGS systems. The first four characters represent the bank name, the fifth character is always zero, and the last six characters represent the specific branch code. This unique identifier ensures accurate and efficient fund transfers.

Question 3

What is the name of the savings bank account that is inactive for more than 24 months?

Accepted Answer

Dormat account

Answer

A savings bank account that remains inactive for more than 24 months (i.e., no customer-initiated transactions like deposits or withdrawals) is typically classified as a dormant account. Banks classify such accounts to protect customers from potential fraud and to manage their operational risks. To reactivate a dormant account, customers usually need to complete KYC formalities.

Question 4

The National Investment and Infrastructure Fund (NIIF) was created in accordance with

Accepted Answer

SEBI

Answer

The National Investment and Infrastructure Fund (NIIF) is a quasi-sovereign wealth fund established by the Government of India. As an investment fund, its structure and operations, particularly if it involves public offerings or specific investment vehicles, would be regulated by the Securities and Exchange Board of India (SEBI), which governs capital markets and investment funds in India.

Question 5

Which of the following organizations serves as the nodal agency for licensing e-commerce businesses (including foreign ones)?

Accepted Answer

Department of Industrial Policy and Promotion (DIPP)

Answer

The Department of Industrial Policy and Promotion (DIPP), now known as the Department for Promotion of Industry and Internal Trade (DPIIT), is the nodal agency in India responsible for formulating and implementing policies related to foreign direct investment (FDI), including those in the e-commerce sector. It sets the guidelines for licensing and operating e-commerce businesses, including foreign ones, to ensure compliance with national industrial and trade policies.

Banking Exam Practice Test

Banking Exam Practice Test

Free Banking Exam SBI General Question and Answers